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APY

Apergy

$25.78

0.48 (1.90%)

17:36
10/23/19
10/23
17:36
10/23/19
17:36

Apergy sees Q4 revenue $255M-$270M, consensus $

Sees Q4 adjusted EBITDA $53M-$63M, depreciation & amortization expense around $30M, interest expense $9M, effective tax rate 22% to 24%. Apergy CEO Sivasankaran Somasundaram said, "For Q4, we expect continued weakness in U.S. onshore activity driven by traditionally lower seasonal activity, as well as our E&P customers' budget exhaustion and capital discipline, which we expect will result in a sequential decrease in revenue and adjusted EBITDA for Apergy. We expect the U.S. rig count to further decline in Q4 extending the destocking by our drill bit customers as they continue to adjust to lower drilling activity and adhere to capital discipline. In addition to the softening drilling activity, built into our fourth quarter outlook is an incremental sequential revenue impact of $5M from destocking from our drill bit customers. We view the destocking as a temporary phenomenon during periods of meaningful decline in the rig count. Given the short cycle nature of our portfolio and continued destocking in Q4, visibility continues to remain challenging; therefore, we will provide an update to our Q4 outlook in early December".

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    Oct

APY Apergy
$25.78

0.48 (1.90%)

06/25/19
JEFF
06/25/19
NO CHANGE
Target $37
JEFF
Buy
Apergy price target lowered to $37 from $48 at Jefferies
Jefferies analyst Saurabh Pant lowered his price target on Apergy to $37 from $48 after his review of filings and discussion with management revealed to him that estimates, both his own and consensus, were missing about $45M-$50M in 2019 of recurring spend for components in its active leased ESP fleet with less than a one-year life. The analyst, who said the higher true ESP leasing spend means 2019 free cash flow is likely 25-30% lower, also trimmed his longer term growth assumptions. However, he keeps a Buy rating on Apergy shares, citing what he views as its solid fundamentals.
07/09/19
SBSH
07/09/19
DOWNGRADE
SBSH
Neutral
Apergy downgraded to Neutral from Buy at Citi
07/10/19
SBSH
07/10/19
DOWNGRADE
Target $34
SBSH
Neutral
Citi downgrades Apergy to Neutral on 'several issues' into Q2 results
Citi analyst Scott Gruber last night downgraded Apergy to Neutral from Buy and lowered his price target for the shares to $34 from $41. "Several issues" are surfacing simultaneously which presents risk around the upcoming quarter, Gruber tells investors in a research note. U.S. drilling activity fell over 5% in Q2 and is down almost 3% from the average, which presents a headwind to diamond cutter sales in Q3 as customers right size inventories, says the analyst. Further, he believes the frac holiday in Q4 of 2018 will likely impact electric submersible pumps sales in Q3, based on the normal lag. In addition, Gruber expects free cash flow expectations will likely reset lower as Apergy clarifies electric submersible pump investment and replacement spending. As such, he views the company's upcoming guidance as likely a negative for the shares.
10/10/19
PIPR
10/10/19
DOWNGRADE
Target $27
PIPR
Neutral
Apergy downgraded to Neutral from Overweight at Piper Jaffray
Piper Jaffray analyst Ian Macpherson downgraded Apergy to Neutral from Overweight with a price target of $27, down from $36. The analyst moved his Q3 estimate toward the low end of the company's guidance based on the "sharper decline" in the lower 48 states. Although artificial lift has been a relatively resilient pocket within domestic oilfield servics, it won't be immune from the intensifying activity headwinds, Macpherson tells investors in a research note.

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